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I'm in desperate need of financial help!

My name is Steve. I own a barbershop in Massachusetts. And I need help! No
Bank or microlender will Give me a loan. I've been in business for just over
a year now. I have struggled to keep my shop open for this long. Every Bank I
go to every micro lender I Apply with, Denies me a loan because of the amount
of money that I'm making right now. As a barbershop I have a really low
overhead. No more than $1800 a month. I'm in desperate need of a loan to keep
my business open. Unfortunately every single financial institution is asking
for a minimum of $5000 a monthly gross sales. If I was making that much money
I would not need a loan. Unfortunately the entire barbershop industry is
being overlooked by the financial institutions. Barbershop owners cannot get
a loan because of the amount of money we make. Barbershops go out of business
every single day because we make too little money to qualify for any kind of
loan. For example; my overhead is $1800 a month, If I could just bring in
$3000 a month I would not need a loan. I have resorted to payday loans to try
to keep my business afloat. And that hurt me more than it helped me. I'm in
desperate need for help! I just need one Bank one financial institution to
let me borrow $15,000-$20,000. I could definitely afford two $250-$300 a
month in repayment. My situation is... I open the barbershop June 1, 2012. I
was doing fine in there paying the bills by myself up until January 2013.
January February and March 2013 the state of Massachusetts got hit with major
snowstorms. Some was so bad that the Entire state was shut down, as a state
of emergency. At that time, I made absolutely zero dollars. I've been trying
so hard since then to catch up with my bills and just keep my business
afloat. I resorted to payday loans to help pay some bills, but these
malicious payday loan companies stole more money then I borrowed. I just
hired two new barbers. I'm finally seeing the potential that my shop has. But
unfortunately I'm in a situation where if I cannot come up with a loan I have
to file for bankruptcy and lose everything. I just need one person one Bank
one financial institution to take a chance on me and please help me! I'm
desperate!

ChrisJonesUK | Window Shopper |
9/19/2014 - 9:56 am

From your situation, it is clear that you are in a desperate financial
circumstance. Not many financial establishments such as a bank will take a
chance by investing on you. The only option for you to get some extra cash to
make sure that you are not bankrupt is unsecured loans. Unsecured loans such
as payday loans and short term loans do not require any eligibility criteria
and will give you a loan, no questions asked.

GPGData | Window Shopper |
11/7/2013 - 2:25 pm

The unfortunate thing is that with the way you are presenting your case,
there will not be a lender out there that will give you that kind of money.
Not even a personal lender. Let me explain why.

Your operating costs are $1,800 a month. You mention $5,000 being the
ultimate goal in growth, however are not even hitting $3,000 a month at this
point. Then you have to factor in personal living costs. It will take forever
to be paid back on the investors side.

Plus you also mention that barbershops are a dying business. Which in fact
they are. You haven't once mentioned how your barbershop is unique and has
proof that it actually will survive this downturn that will continue in the
market.

So my ultimate suggestion is that if you do continue to look for a loan that
you definitely change your pitch. Explain numbers so that it makes the
investor understand why it is a logical decision for them. Do not scare them
saying that other barbershops are closing their doors everyday.

If the market is as such, then you need to seriously evaluate if it is a
business that is worth continuing. There are lots of ways to make money and
operate business. Perhaps there is another solution for you. I personally
look at $1,800 a month in operating expenses as expensive for the potential
return of maybe $5,000. That's a lot of risk and work for not a lot of money.
Plus to get there you would have to have employees. So there wages would also
be added to the operating costs.

Just analyze the numbers and keep emotion out of business and you will see
the light.